The global competition for vehicle electrification is heating up as countries and industries work to secure their place in the low-carbon mobility market. China is a major player in battery production, with a significant portion of the world’s lithium refining capacity, battery cell production, and battery component manufacturing. OECD countries are also prioritizing decarbonization, with government subsidies for EV purchases and measures like “social leasing” to help low-income households buy EVs. However, the sustainability of these measures is uncertain due to the economic outlook and rising inflation. Additionally, major players in the auto industry are working on integrating the value chain for lithium-ion and hydrogen batteries to control supply and costs at every stage of production. Despite these efforts, pressure on equipment manufacturers and car dealers remains high and is likely to continue to increase.
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